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GBP/EUR Febuary Currency Update

GBP/EUR Febuary Currency Update

Old Feb 5th 2010, 2:21 am
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Default GBP/EUR February Currency Update

Sterling weathered the Thaw! (Even without Grit)

While the Euro zone was troubled with a Greek banking crisis & worse than expected French and German production output figures, Sterling managed to plough ahead even though the first 2 weeks of January saw the country lamed by Arctic whether conditions.

Perhaps it gave the consumers more time to spend at the ‘Sales’ and turn their ‘Thermostats’ up - happy days for Oil prices and Utilities stocks! Even Cadburys was in melt down as Kraft launched the aggressive £9 Billion bid to secure the be-leaguered shareholders with their dividends, even though bolstering Sterling price.

The Pound managed to claw back to a 6 Month High against the Euro to a heady 1.16! The market was asking whether it could keep up the momentum, it failed this month to secure it position in a new trading range and dropped back to below 1.15 at the end of the month.

All European equity markets suffered from Obama’s attempts to add aggressive taxes/ controls to the US banking sector, particularly the Banks. The FTSE sell off is probably effecting sterling upward momentum.

Current Central Bank Rates:

European Central Bank: 1.00%
UK (Bank of England): 0.50%

GBP/EUR Highs & Lows of January:

High: 1.1625
Low: 1.1076

A movement of: 4.96%

Difference this would make on £200k

High: €232,500
Low: € 221,520

A difference of €10,980

All of the information above can be explained clearly by your personalised dealer should you open a trading facility with HIFX. To discuss your requirements in more detail and for a free currency consultation please contact HiFX plc on 01753 859 159 or email [email protected].

Last edited by Windsor2; Feb 5th 2010 at 2:43 am.
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